Navan Town Centre expects to sell for €62m

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Two of Ireland's regional shopping centres are now on the market.

Property developer Duignan & McCarthy is set to sell its majority stake in Navan Town Centre - it has a guide price of €62m.

The Fairgreen retail complex in Mullingar is also looking for a new buyer and set to sell for close to €11.5m.

Navan Town Centre

Navan Town Centre attracts weekly footfall of 115,000 shoppers - it is anchored by Tesco, Penneys, Dunnes Stores and Marks & Spencer stores.

Argos, Eason, Dealz, Heatons, Boots and River Island also have outlets in the centre.

It includes 27 apartment units with an annual income of some €180,000 and 1,500 car park spaces which bring in €1.2m per annum.

Navan Town Centre opened in 1980 and has been extended six times since 1995.

The Duignan and McCarthy interest generates income of €4.7m per year.

Fairgreen was built in 2005 and houses 105,000 square feet - the Mullingar location is currently producing annual income of €920,000.

Penneys is the anchor tenant, and Dealz, Elverys and Costa also have outlets.

Selling agents Savills and Cushman & Wakefield will manage the sale - they say that the prospect of increasing income from these centres is "extremely positive."

Joseph Conroy, Newstalk.com 

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